Suppose that the price of good A decreases from $24 to $18 and, as a result, the quantity traded of A increases from 195 to 220, the quantity traded of B increases from 45 to 100 and the :raded of good C falls from 545 to 405. Note: Keep as much precision as possible during your calculations. Your nal answer should be accurate to at least two decimal places. a) What is the absolute value of the price elasticity of demand of good A? IElasticity = W I b) What is the cross-price elasticity of demand for good B with respect to the price of good A? IElasticity = Q I c) Given the value of the calculated elasticity, these two goods are: " normal inferior " complements ' ' substitutes d) What is the cross-price elasticity of demand for good C with respect to the price of good A? IElasticity = Q1 I 9) Given the value of the calculated elasticity, these two goods are: normal " inferior " complements substitutes The local airport of a small town has decided to begin allowing nighttime flights in an effort to accrue more income. The airport has a fixed supply of 50 spots for each night. The nightly demand for the lights are given in the table below. Quantity Landing/Takeoff Demanded Fee ($) (# flights) 20 60 30 50 40 40 50 30 60 20 70 10 ) Graph the supply and demand curves on the graph below. Supply 90 75 60 Landing/Takeoff Fee ($) 45- 30 15- 0 10 20 30 40 50 60 70 80 90 100 uantity of Flights per